How to Calculate Your Property Tax

To calculate your property tax we have to have the taxable value of your home. Using the assumption of $234,000 and the home is located in tax district #570

1. Figure the “assessed value” by multiplying the taxable value by the “assessment ratio” of 35% (this ratio is set by law)……In this example:

$234,000 x .35= $81,900

2. Locate the “property tax rate” for tax district #570 (I did this for you). In the 2004-2005 column tax district #570 has a property tax rate listed at 2.9471 or $2.9471 for each $100 of assessed value.

3. Finally, just multiply the “assessed value” by the “property tax rate”.